Thoughts to Ponder: How Much Will COVID-19 Vaccine Cost?
A beacon of hope struck the whole world when Pfizer and Moderna announced the results of their respective vaccines for COVID-19. With their high rate of effectiveness against coronavirus. Despite the fact that this pandemic brought us stress and anxiety, this great news gave humanity a spark of hope. Now the question we need to reflect upon. Given that any moment a vaccine will be readily available and approved, how much will it cost you to avail one? Will everyone get ahold of the "holy grail" these trying times?
ALSO READ: Pfizer Says Success of its COVID-19 Vaccine Trial Signals Breakthrough in Battle Against the Virus
According to Forbes, in the United States, at least, given the significant amount the federal funding has, people, will pay very little out-of-pocket. Many vaccine manufacturers are pricing well below the market will be able to bear. Even though vaccines claim high effectiveness, their power still depends on their price because it will determine how many individuals can avail themselves.
In an interview with Forbes, City University of New York's professor of health policy and management, Bruce Y. Lee, MD, MBA, said that the coverage would determine the vaccine's ultimate value. He added that if only a few percentages of people can get the vaccine, it will not be enough to make a dent in spreading the virus. Fortunately, Forbes added that Pfizer and BioNTech would charge $19.50 per dosage and a total of $39 per COVID-19 patient because two doses of the vaccine are required, as stated in the contract between the pharmaceutical companies and the federal government worth $1.95 billion. On the other hand, Forbes further said that Moderna and their developed mRNA vaccine will tag theirs worth $50 per patient or $25 per dose based on their $1.5 billion worth of contract with Medical Advanced Research and Development Authority.
READ ALSO: Fauci: Social Distancing and Face Masks Still Needed Even After Injected of COVID-19 Vaccine
It is remembered that Pfizer announced 90% efficacy of their COVID-19 vaccine while Moderna publicized a 94.5% effectiveness of their vaccine earlier. Centers for Disease Control and Prevention (CDC) report that the current influenza vaccine that costs $40, according to Forbes, has effectiveness against the 2019-2020 seasonal influenza A and B virus. Forbes also mentioned that the COVID-19 vaccine prices were based on the flu vaccine even though interim data show that mRNA vaccines are more effective.
On the prices
In the interview, Dr. Lee said that the COVID-19 vaccine can still gather positive value even if it is tagged at a very high price. Morningstar director of healthcare equity research, Damien Conover, CFA, said in an interview that companies are fronting the social contract when it comes to pricing their vaccines. He added that the very small price point would not make the industry profitable in the long-term. When asked regarding the price of their vaccine, Pfizer CEO Albert Bourla said that the vaccine is priced well below the value that it will bring to society. According to the executive directors of FasterCures, Esther Krofah said that she anticipates that the employers, public payers, and commercial payers make sure that they are not providing cost barrier and abide on whatever the cost the vaccine will be tagged.
READ NEXT: Sputnik V COVID-19 Vaccine's First Batch, Ready for Phase 2, 3 Clinical Trials
Check out more news and information on Pharmaceutical Companies on MD News Daily.
© MD News Daily.